NPORT-EX 2 1393670AQ063022.htm

 

Hawaiian Tax-Free Trust

Schedule of Investments

June 30, 2022

(unaudited)

 

Principal
Amount		   General Obligation Bonds (36.9%)   Ratings Moody's, S&P and Fitch   Value    (a)
                 
    City & County (22.6%)            
                 
    City and County of Honolulu, Hawaii, Series A            
$ 1,000,000   5.000%, 10/01/23   Aa1/NR/AA+   $ 1,039,640    
3,000,000   5.000%, 10/01/25   Aa1/NR/AA+   3,266,370    
5,055,000   5.000%, 10/01/26   Aa1/NR/AA+   5,493,926    
1,735,000   5.000%, 10/01/29   Aa1/NR/AA+   1,868,716    
1,300,000   5.000%, 10/01/35   Aa1/NR/AA+   1,390,636    
1,000,000   5.000%, 10/01/36   Aa1/NR/AA+   1,067,420    
                 
    City and County of Honolulu, Hawaii, Series 2018A            
1,130,000   5.000%, 09/01/32   Aa1/NR/AA+   1,265,645    
                 
    City and County of Honolulu, Hawaii, Series 2019A, Rail Transit Project            
1,500,000   5.000%, 09/01/25   Aa1/NR/AA+   1,630,320    
1,060,000   5.000%, 09/01/26   Aa1/NR/AA+   1,175,381    
                 
    City and County of Honolulu, Hawaii, Series 2020A, Rail Transit Project            
500,000   4.000%, 09/01/36   Aa1/NR/AA+   513,295    
640,000   4.000%, 09/01/39   Aa1/NR/AA+   648,480    
500,000   4.000%, 09/01/40   Aa1/NR/AA+   505,940    
                 
    City and County of Honolulu, Hawaii, Series 2021A            
1,405,000   4.000%, 07/01/34   Aa1/NR/AA+   1,476,683    
                 
    City and County of Honolulu, Hawaii, Series B            
2,040,000   5.000%, 10/01/26   Aa1/NR/AA+   2,217,133    
5,000,000   4.000%, 11/01/27   Aa1/NR/AA+   5,026,850    
5,000,000   4.500%, 11/01/28   Aa1/NR/AA+   5,035,300    
4,000,000   4.500%, 11/01/29   Aa1/NR/AA+   4,026,800    
                 
    City and County of Honolulu, Hawaii, Series 2018B            
5,000,000   5.000%, 09/01/24   Aa1/NR/AA+   5,314,050    
                 
    City and County of Honolulu, Hawaii, Series 2019B, Rail Transit Project            
1,175,000   3.000%, 09/01/25   Aa1/NR/AA+   1,205,750    
                 
    City and County of Honolulu, Hawaii, Series C            
2,860,000   5.000%, 10/01/23   Aa1/NR/AA+   2,973,370    
2,745,000   5.000%, 10/01/26   Aa1/NR/AA+   2,983,348    
2,095,000   5.000%, 10/01/27   Aa1/NR/AA+   2,269,388    
4,510,000   5.000%, 10/01/28   Aa1/NR/AA+   4,870,214    
575,000   5.000%, 10/01/29   Aa1/NR/AA+   619,315    

 

 

 
 
 

 

    City and County of Honolulu, Hawaii, Series 2019C            
$ 1,075,000   4.000%, 08/01/26   Aa1/NR/AA+   $ 1,148,455    
1,020,000   4.000%, 08/01/29   Aa1/NR/AA+   1,112,065    
3,000,000   4.000%, 08/01/36   Aa1/NR/AA+   3,075,000    
1,565,000   4.000%, 08/01/43   Aa1/NR/AA+   1,568,615    
                 
    City and County of Honolulu, Hawaii, Series 2020C            
2,000,000   4.000%, 07/01/36   Aa1/NR/AA+   2,056,040    
1,000,000   3.000%, 07/01/37   Aa1/NR/AA+   909,590    
1,000,000   4.000%, 07/01/39   Aa1/NR/AA+   1,014,470    
                 
    City and County of Honolulu, Hawaii, Series E, Crossover Refunding            
1,820,000   5.000%, 09/01/29   Aa1/NR/AA+   2,034,960    
                 
    City and County of Honolulu, Hawaii, Series 2020F            
175,000   5.000%, 07/01/33   Aa1/NR/AA+   198,970    
1,250,000   5.000%, 07/01/35   Aa1/NR/AA+   1,405,763    
                 
    County of Hawaii, Series A            
1,500,000   5.000%, 09/01/25   Aa2/AA/NR   1,627,920    
                 
    County of Hawaii, 2016-Series A            
1,095,000   4.000%, 09/01/35   Aa2/AA/NR   1,131,737    
                 
    County of Hawaii, 2017-Series A            
2,365,000   5.000%, 09/01/27   Aa2/NR/AA+   2,641,942    
1,970,000   5.000%, 09/01/28   Aa2/NR/AA+   2,189,655    
4,175,000   5.000%, 09/01/29   Aa2/NR/AA+   4,626,902    
                 
    County of Hawaii, 2016-Series C            
370,000   5.000%, 09/01/27   Aa2/AA/NR   404,795    
                 
    County of Hawaii, 2017-Series D            
2,445,000   4.000%, 09/01/28   Aa2/NR/AA+   2,600,282    
1,000,000   4.000%, 09/01/31   Aa2/NR/AA+   1,046,910    
                 
    County of Hawaii, 2020-Series A            
1,050,000   5.000%, 09/01/25   Aa2/AA/AA+   1,139,544    
2,000,000   5.000%, 09/01/29   Aa2/AA/AA+   2,311,220    
2,250,000   5.000%, 09/01/31   Aa2/AA/AA+   2,616,750    
1,000,000   5.000%, 09/01/37   Aa2/AA/AA+   1,133,150    
                 
    County of Kauai, Hawaii, 2017 Series            
250,000   4.000%, 08/01/22   Aa2/NR/AA   250,510    
300,000   3.000%, 08/01/24   Aa2/NR/AA   305,679    
295,000   5.000%, 08/01/25   Aa2/NR/AA   319,877    
235,000   5.000%, 08/01/26   Aa2/NR/AA   259,673    
285,000   5.000%, 08/01/28   Aa2/NR/AA   320,349    
825,000   2.500%, 08/01/29   Aa2/NR/AA   814,712    
385,000   5.000%, 08/01/30   Aa2/NR/AA   430,992    
200,000   4.000%, 08/01/32   Aa2/NR/AA   209,782    
200,000   5.000%, 08/01/37   Aa2/NR/AA   218,896    
                 
    County of Kauai, Hawaii, 2021A Series            
1,000,000   5.000%, 08/01/23   Aa2/NR/AA   1,034,930    

 

 

 
 
 

 

    County of Maui, Hawaii            
$ 1,045,000   3.000%, 06/01/27   Aa1/AA+/AA+   $ 1,051,970    
2,000,000   3.000%, 06/01/28   Aa1/AA+/AA+   2,010,880    
                 
    County of Maui, Hawaii, Series 2014 Refunding            
1,015,000   5.000%, 06/01/23   Aa1/AA+/AA+   1,045,805    
4,015,000   5.000%, 06/01/24   Aa1/AA+/AA+   4,243,775    
                 
    County of Maui, Hawaii, Series 2018            
4,160,000   5.000%, 09/01/26   Aa1/AA+/AA+   4,612,816    
5,060,000   5.000%, 09/01/30   Aa1/AA+/AA+   5,735,004    
                 
    County of Maui, Hawaii, Series 2020            
800,000   3.000%, 03/01/31   Aa1/AA+/AA+   801,496    
1,250,000   5.000%, 03/01/33   Aa1/AA+/AA+   1,421,063    
1,275,000   5.000%, 03/01/34   Aa1/AA+/AA+   1,445,684    
1,000,000   5.000%, 03/01/34   Aa1/AA+/AA+   1,149,200    
                 
    County of Maui, Hawaii, Series 2021            
1,000,000   4.000%, 03/01/37   Aa1/AA+/AA+   1,046,430    
                 
    Total City & County       124,608,228    
                 
     State (14.3%)            
                 
    State of Hawaii, Series EL, Refunding            
2,045,000   5.000%, 08/01/23   Aa2/AA+/AA   2,115,328    
                 
    State of Hawaii, Series EO            
3,410,000   5.000%, 08/01/27   NR/AA+/AA   3,604,063    
1,735,000   5.000%, 08/01/28   NR/AA+/AA   1,828,308    
1,475,000   5.000%, 08/01/29   NR/AA+/AA   1,554,016    
                 
                 
    State of Hawaii, Series EO, Refunding            
3,195,000   5.000%, 08/01/30   Aa2/AA+/AA   3,364,175    
                 
    State of Hawaii, Series EP, Refunding            
5,075,000   5.000%, 08/01/23   Aa2/AA+/AA   5,249,529    
5,000,000   5.000%, 08/01/24   Aa2/AA+/AA   5,303,350    
                 
    State of Hawaii, Series EZ Refunding            
2,085,000   5.000%, 10/01/26   Aa2/AA+/AA   2,266,041    
                 
    State of Hawaii, Series FB            
6,225,000   5.000%, 04/01/27   Aa2/AA+/AA   6,825,713    
2,255,000   4.000%, 04/01/29   Aa2/AA+/AA   2,369,577    
                 
    State of Hawaii, Series FG            
1,265,000   5.000%, 10/01/28   Aa2/AA+/AA   1,392,588    
                 
    State of Hawaii, Series FH            
825,000   5.000%, 10/01/25   Aa2/AA+/AA   898,252    
4,055,000   5.000%, 10/01/28   Aa2/AA+/AA   4,463,987    
6,460,000   4.000%, 10/01/30   Aa2/AA+/AA   6,795,855    

 

 

 
 
 

 

    State of Hawaii, Series FN            
$ 2,515,000   5.000%, 10/01/29   Aa2/AA+/AA   $ 2,808,425    
1,215,000   5.000%, 10/01/31   Aa2/AA+/AA   1,347,326    
                 
    State of Hawaii, Series FT            
10,100,000   5.000%, 01/01/29   Aa2/AA+/AA   11,336,038    
1,680,000   5.000%, 01/01/30   Aa2/AA+/AA   1,877,568    
4,100,000   5.000%, 01/01/33   Aa2/AA+/AA   4,538,987    
1,095,000   5.000%, 01/01/38   Aa2/AA+/AA   1,196,923    
                 
    State of Hawaii, Series FW            
3,000,000   5.000%, 01/01/24   Aa2/AA+/AA   3,139,140    
4,000,000   4.000%, 01/01/25   Aa2/AA+/AA   4,188,120    
400,000   5.000%, 01/01/39   Aa2/AA+/NR   439,956    
                 
    Total State       78,903,265    
                 
    Total General Obligation Bonds       203,511,493    
                 
    Revenue Bonds (44.7%)            
                 
    Airport (5.7%)            
                 
    State of Hawaii Airport System Revenue Refunding, AMT            
3,000,000   5.000%, 07/01/45   A1/A+/A+   3,078,720    
                 
    State of Hawaii Airport System Revenue, Series A, AMT            
4,000,000   5.000%, 07/01/29   A1/A+/A+   4,358,320    
2,000,000   5.000%, 07/01/32   A1/A+/A+   2,143,000    
                 
    State of Hawaii Airport System Revenue, Series B            
2,000,000   5.000%, 07/01/25   A1/A+/A+   2,146,180    
                 
    State of Hawaii Airport System Revenue, Series 2015A, AMT            
2,000,000   5.000%, 07/01/41   A1/A+/A+   2,061,760    
                 
    State of Hawaii Airport System Revenue, Series 2020A, AMT            
3,000,000   5.000%, 07/01/32   A1/A+/A+   3,276,360    
                 
    State of Hawaii Airport System Revenue, Series 2022A, AMT            
10,000,000   5.000%, 07/01/51   A1/A+/A+   10,524,700    
                 
    State of Hawaii Department of Transportation Airports Division Lease Revenue COP AMT            
360,000   5.000%, 08/01/23   A2/A/A   370,242    
3,435,000   5.250%, 08/01/25   A2/A/A   3,527,676    
                 
    Total Airport       31,486,958    

 

 

 
 
 

 

     Education (5.1%)            
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Mid-Pacific Institute) Series 2020            
$ 340,000   4.000%, 01/01/28   NR/BBB+/NR   $ 340,027    
360,000   4.000%, 01/01/29   NR/BBB+/NR   357,696    
270,000   4.000%, 01/01/32   NR/BBB+/NR   261,033    
540,000   4.000%, 01/01/33   NR/BBB+/NR   519,053    
435,000   3.000%, 01/01/34   NR/BBB+/NR   365,726    
300,000   3.000%, 01/01/35   NR/BBB+/NR   248,379    
280,000   3.000%, 01/01/36   NR/BBB+/NR   228,399    
                 
    University of Hawaii, Revenue Refunding, Medical School, Series E            
4,635,000   5.000%, 10/01/29   Aa3/NR/AA   5,080,933    
3,825,000   5.000%, 10/01/31   Aa3/NR/AA   4,167,299    
                 
    University of Hawaii, Series B            
1,055,000   4.000%, 10/01/23   Aa3/NR/AA   1,083,823    
1,250,000   4.000%, 10/01/24   Aa3/NR/AA   1,301,138    
1,125,000   5.000%, 10/01/25   Aa3/NR/AA   1,221,210    
1,065,000   5.000%, 10/01/26   Aa3/NR/AA   1,155,738    
                 
    University of Hawaii, Series F            
1,595,000   5.000%, 10/01/25   Aa3/NR/AA   1,731,404    
1,335,000   5.000%, 10/01/29   Aa3/NR/AA   1,486,816    
2,080,000   5.000%, 10/01/30   Aa3/NR/AA   2,307,531    
2,690,000   5.000%, 10/01/31   Aa3/NR/AA   2,968,281    
                 
    University of Hawaii, 2017B, Refunding            
1,000,000   3.000%, 10/01/28   Aa3/NR/AA   1,010,750    
                 
    University of Hawaii, 2020B, Refunding            
230,000   5.000%, 10/01/23   Aa3/NR/AA   239,087    
                 
    University of Hawaii, 2020D, Refunding            
2,000,000   4.000%, 10/01/33   Aa3/NR/AA   2,105,640    
                 
    Total Education       28,179,963    
                 
     Housing (0.3%)            
                 
    State of Hawaii Housing Finance and Development Corp., Iwilei Apartments, Series A            
1,825,000   3.750%, 01/01/31 FHLMC Insured Liquidity Agreement   NR/AA+/NR   1,825,493    
                 
    Medical (6.9%)            
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series A            
200,000   5.000%, 07/01/22   A1/NR/AA-   200,000    
1,000,000   5.000%, 07/01/24   A1/NR/AA-   1,030,380    
685,000   5.000%, 07/01/25   A1/NR/AA-   704,879    
1,355,000   5.000%, 07/01/27   A1/NR/AA-   1,393,780    
280,000   5.000%, 07/01/28   A1/NR/AA-   287,958    
3,895,000   6.000%, 07/01/33   A1/NR/AA-   4,049,086    
20,000   5.500%, 07/01/43   A1/NR/AA-   20,606    

 

 

 
 
 

 

    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series B            
$ 225,000   5.000%, 07/01/30   A1/NR/AA-   $ 231,305    
590,000   5.125%, 07/01/31   A1/NR/AA-   607,134    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Queens Health System) Series A            
1,105,000   5.000%, 07/01/23   A1/AA-/AA   1,140,813    
3,120,000   5.000%, 07/01/25   A1/AA-/AA   3,352,690    
1,715,000   5.000%, 07/01/26   A1/AA-/AA   1,843,985    
2,400,000   5.000%, 07/01/27   A1/AA-/AA   2,574,864    
850,000   5.000%, 07/01/28   A1/AA-/AA   907,044    
15,520,000   5.000%, 07/01/35   A1/AA-/AA   16,184,722    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Senior Living Revenue, Kahala Nui)            
3,575,000   5.125%, 11/15/32   NR/NR/A+   3,607,175    
                 
    Total Medical       38,136,421    
                 
    Transportation (8.8%)            
                 
    State of Hawaii Harbor System, Series 2020A, AMT            
1,000,000   4.000%, 07/01/33   Aa3/NR/AA-   1,037,780    
495,000   4.000%, 07/01/35   Aa3/NR/AA-   504,554    
10,000,000   4.000%, 07/01/36   Aa3/NR/AA-   10,106,800    
9,000,000   4.000%, 07/01/37   Aa3/NR/AA-   9,075,690    
                 
    State of Hawaii Harbor System, Series 2020C            
300,000   5.000%, 07/01/29   Aa3/NR/AA-   342,915    
200,000   4.000%, 07/01/34   Aa3/NR/AA-   209,928    
560,000   4.000%, 07/01/37   Aa3/NR/AA-   580,294    
875,000   4.000%, 07/01/38   Aa3/NR/AA-   889,341    
                 
    State of Hawaii Highway Revenue, Series A            
1,000,000   5.000%, 01/01/25   Aa2/AA+/AA   1,057,510    
5,000,000   5.000%, 01/01/27   Aa2/AA+/AA   5,510,050    
5,000,000   5.000%, 01/01/30   Aa2/AA+/AA   5,460,150    
4,750,000   4.000%, 01/01/31   Aa2/AA+/AA   4,952,635    
1,000,000   5.000%, 01/01/32   Aa2/AA+/NR   1,121,990    
                 
    State of Hawaii Highway Revenue, Series 2021            
1,010,000   5.000%, 01/01/35   Aa2/AA+/NR   1,147,956    
2,800,000   5.000%, 01/01/37   Aa2/AA+/NR   3,159,520    
3,000,000   5.000%, 01/01/39   Aa2/AA+/NR   3,365,850    
                 
    Total Transportation       48,522,963    
                 
    Utility (4.6%)            
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series A, AMT            
10,360,000   3.100%, 05/01/26   Baa1/NR/A-   10,293,178    

 

 

 
 
 

 

    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series B, AMT            
$ 4,000,000   4.000%, 03/01/37   Baa1/NR/A-   $ 3,884,560    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2015            
6,300,000   3.200%, 07/01/39   Baa1/NR/A-   5,255,901    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2015, AMT            
500,000   3.250%, 01/01/25   Baa1/NR/A-   501,880    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2019, AMT            
7,000,000   3.500%, 10/01/49   Baa1/NR/A-   5,577,250    
                 
    Total Utility       25,512,769    
                 
    Water & Sewer (12.2%)            
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series A            
1,000,000   5.000%, 07/01/23   Aa2/NR/AA+   1,032,710    
1,030,000   5.000%, 07/01/24   Aa2/NR/AA+   1,089,235    
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series 2020A            
500,000   5.000%, 07/01/27   NR/AAA/AA+   561,360    
1,565,000   5.000%, 07/01/33   NR/AAA/AA+   1,785,305    
2,105,000   4.000%, 07/01/36   NR/AAA/AA+   2,201,199    
1,890,000   4.000%, 07/01/37   NR/AAA/AA+   1,971,913    
2,060,000   4.000%, 07/01/39   NR/AAA/AA+   2,089,808    
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series 2021A            
500,000   5.000%, 07/01/32   NR/AAA/AA+   580,430    
525,000   5.000%, 07/01/33   NR/AAA/AA+   606,979    
35,000   4.000%, 07/01/39   NR/AAA/AA+   35,560    
2,565,000   4.000%, 07/01/46   NR/AAA/AA+   2,551,149    
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series 2022A            
10,000,000   4.000%, 07/01/47   NR/AAA/AA+   9,924,000    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2015B            
2,000,000   5.000%, 07/01/24   Aa2/NR/AA   2,117,040    
2,095,000   5.000%, 07/01/25   Aa2/NR/AA   2,268,906    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2016A            
2,085,000   5.000%, 07/01/34   Aa2/NR/AA   2,257,930    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2016B            
635,000   5.000%, 07/01/35   Aa2/NR/AA   686,918    

 

 

 
 
 

 

    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2018A            
$ 6,000,000   5.000%, 07/01/36   Aa2/NR/AA   $ 6,589,320    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2019A            
3,000,000   4.000%, 07/01/30   Aa2/NR/AA   3,222,000    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2019B            
1,000,000   4.000%, 07/01/34   Aa2/NR/AA   1,044,110    
2,700,000   4.000%, 07/01/38   Aa2/NR/AA   2,739,393    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2022A Green Bond            
10,000,000   5.250%, 07/01/51   Aa2/NR/AA   11,395,000    
4,360,000   5.000%, 07/01/51   Aa2/NR/NR   4,877,358    
                 
    City and County of Honolulu, Hawaii, Wastewater System (Second Bond Resolution) Junior Series 2015A            
4,000,000   5.000%, 07/01/25   Aa3/NR/AA-   4,313,960    
                 
    City and County of Honolulu, Hawaii, Wastewater System (Second Bond Resolution) Junior Series 2019A            
1,375,000   3.000%, 07/01/26   Aa3/NR/AA-   1,404,838    
                 
    Total Water & Sewer       67,346,421    
                 
    Other (1.1%)            
                 
    Hawaii State Department of Hawaiian Home Lands, Series 2017            
600,000   5.000%, 04/01/23   A1/NR/NR   614,658    
500,000   5.000%, 04/01/24   A1/NR/NR   525,000    
945,000   5.000%, 04/01/26   A1/NR/NR   1,034,066    
905,000   5.000%, 04/01/29   A1/NR/NR   996,251    
840,000   5.000%, 04/01/30   A1/NR/NR   920,783    
                 
    Hawaii State Department of Hawaiian Home Lands, COP (Kapolei Office Facility), 2017 Series A            
330,000   5.000%, 11/01/24   Aa3/NR/NR   350,955    
145,000   5.000%, 11/01/25   Aa3/NR/NR   157,422    
1,115,000   5.000%, 11/01/27   Aa3/NR/NR   1,252,803    
                 
    Total Other       5,851,938    
                 
    Total Revenue Bonds         246,862,926    

 

 

 
 
 

 

    Pre-Refunded Bonds (16.6%)††            
                 
    Pre-Refunded General Obligation Bonds (10.9%)            
                 
     City & County (4.6%)            
                 
    City and County of Honolulu, Hawaii, Series A, Prerefunded to 11/01/22 @100            
$ 5,000,000   5.000%, 11/01/27   Aa1/NR/NR   $ 5,058,450    
5,000,000   5.000%, 11/01/31   Aa1/NR/NR   5,058,450    
5,000,000   5.000%, 11/01/32   Aa1/NR/NR   5,058,450    
                 
    County of Hawaii, Series A, Prerefunded to 09/01/22 @100            
1,500,000   5.000%, 09/01/30   Aa2/AA/AA+   1,508,790    
                 
    County of Hawaii, 2013-Series A, Prerefunded to 09/01/22 @100            
500,000   5.000%, 09/01/23   Aa2/AA/AA+   502,930    
1,000,000   5.000%, 09/01/25   Aa2/AA/AA+   1,005,860    
1,000,000   5.000%, 09/01/27   Aa2/AA/AA+   1,005,860    
1,000,000   5.000%, 09/01/28   Aa2/AA/AA+   1,005,860    
                 
    County of Kauai, Hawaii, Refunding, Series A            
1,300,000   4.000%, 08/01/24   Aa2/AA/NR   1,302,626    
970,000   3.000%, 08/01/25   Aa2/AA/NR   971,261    
615,000   3.000%, 08/01/26   Aa2/AA/NR   615,800    
2,280,000   4.500%, 08/01/28   Aa2/AA/NR   2,285,426    
345,000   5.000%, 08/01/29   Aa2/AA/NR   345,949    
                 
    Total City & County       25,725,712    
                 
     State (6.3%)            
                 
    State of Hawaii, Series EE            
2,915,000   5.000%, 11/01/25   Aa2/AA+/AA   2,949,543    
                 
    State of Hawaii, Series EE, Prerefunded to 11/01/22 @100            
80,000   5.000%, 11/01/24   Aa2/AA+/NR   80,948    
45,000   5.000%, 11/01/24   NR/NR/NR*   45,533    
2,385,000   5.000%, 11/01/25   NR/NR/NR*   2,413,262    
40,000   5.000%, 11/01/26   NR/NR/NR*   40,474    
70,000   5.000%, 11/01/27   NR/NR/NR*   70,830    
220,000   5.000%, 11/01/27   Aa2/AA+/NR   222,607    
                 
    State of Hawaii, Series EH            
4,375,000   5.000%, 08/01/25   Aa2/AA+/AA   4,528,781    
                 
    State of Hawaii, Series EH            
5,000   5.000%, 08/01/30   NR/NR/NR*   5,176    
                 
    State of Hawaii, Series EH            
2,000,000   5.000%, 08/01/30   NR/NR/NR*   2,070,300    

 

 

 
 
 

 

    State of Hawaii, Series EH, Prerefunded to 08/01/23 @100            
$ 1,800,000   5.000%, 08/01/27   Aa2/AA+/NR   $ 1,863,270    
                 
    State of Hawaii, Series EO            
590,000   5.000%, 08/01/27   NR/NR/NR*   624,810    
265,000   5.000%, 08/01/28   NR/NR/NR*   280,635    
570,000   5.000%, 08/01/29   NR/NR/NR*   603,630    
                 
    State of Hawaii, Series EP, Refunding            
5,280,000   5.000%, 08/01/25   Aa2/AA+/AA   5,602,555    
5,300,000   5.000%, 08/01/26   Aa2/AA+/AA   5,623,777    
                 
    State of Hawaii, Series ET            
2,070,000   5.000%, 10/01/30   Aa2/AA+/AA   2,255,162    
5,000,000   5.000%, 10/01/31   Aa2/AA+/AA   5,447,250    
                 
    Total State       34,728,543    
                 
    Total Pre-Refunded General Obligation Bonds       60,454,255    
                 
    Pre-Refunded Revenue Bonds (5.7%)            
                 
     Water & Sewer (5.7%)            
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Refunding Series A            
2,795,000   4.500%, 07/01/29   Aa2/NR/AA+   2,795,000    
4,955,000   4.500%, 07/01/30   Aa2/NR/AA+   4,955,000    
3,040,000   5.000%, 07/01/32   Aa2/NR/AA+   3,040,000    
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series A            
1,795,000   5.000%, 07/01/26   Aa2/NR/AA+   1,900,761    
875,000   5.000%, 07/01/27   Aa2/NR/AA+   926,555    
1,750,000   5.000%, 07/01/28   Aa2/NR/AA+   1,853,110    
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series 2014A            
360,000   5.000%, 07/01/29   Aa2/NR/AA+   381,211    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2012A, Prerefunded to 07/01/22 @100            
1,000,000   5.000%, 07/01/30   Aa2/NR/NR   1,000,000    
1,000,000   5.000%, 07/01/31   Aa2/NR/NR   1,000,000    
1,500,000   5.000%, 07/01/32   Aa2/NR/NR   1,500,000    
2,500,000   5.000%, 07/01/42   Aa2/NR/NR   2,500,000    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2012B            
3,000,000   4.000%, 07/01/30   Aa2/NR/NR   3,000,000    

 

 

 
 
 

 

    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2015A            
$ 200,000   5.000%, 07/01/40   Aa2/NR/AA   $       216,722    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2015B            
2,150,000   5.000%, 07/01/30   Aa2/NR/AA   2,329,762    
3,700,000   5.000%, 07/01/31   Aa2/NR/AA   4,009,357    
                 
    Total Pre-Refunded Revenue Bonds       31,407,478    
                 
    Total Pre-Refunded Bonds       91,861,733    
                 
    Total Municipal Bonds (cost $560,244,189)       542,236,152    
                 
Shares    Short-Term Investment (0.6%)            
3,165,981   Dreyfus Government Cash Management, Institutional Shares, 1.35%**(cost $3,165,981)   Aaa-mf/AAAm/NR   3,165,981    
                 
    Total Investments (cost $563,410,170-note b)   98.8%   545,402,133    
    Other assets less liabilities   1.2   6,556,926    
    Net Assets   100.0%   $ 551,959,059    

 

    Portfolio Distribution By Quality Rating   Percent of
Investments†		        
    Aaa-mf of Moody's or AAA of S&P and AAAm of S&P   4.7 %        
    Pre-Refunded Bonds††   16.8          
    Aa of Moody's or AA of S&P or Fitch   66.2          
    A of Moody's or S&P or Fitch   11.9          
    BBB of S&P   0.4          
        100.0 %        

 

PORTFOLIO ABBREVIATIONS:
AMT Alternative Minimum Tax
COP Certificates of Participation
FHLMC Federal Home Loan Mortgage Corp.
NR Not Rated

 

* Any security not rated ("NR") by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO") has been determined by the Investment Adviser to have sufficient quality to be ranked in the top four credit ratings if a credit rating were to be assigned by a NRSRO.
   
** The rate is an annualized seven-day yield at period end.
   
† Where applicable, calculated using the highest rating of the three NRSRO.
   
†† Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date.

 

See accompanying notes to financial statements.

 

 
 
 

 

Hawaiian Tax-Free Trust

NOTES TO FINANCIAL STATEMENTS

June 30, 2022

(unaudited)

 

(a) Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
   
(b) At June 30, 2022, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $563,410,170 amounted to $18,008,037 which consisted of aggregate gross unrealized appreciation of $1,455,255 and aggregate gross unrealized depreciation of $19,463,292.
   
(c) Fair Value Measurements: The Trust follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Trust’s investments and are summarized in the following fair value hierarchy:
   
  Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access.
   
  Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
   
  Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
   
  The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
   
  The following is a summary of the valuation inputs, representing 100% of the Trust’s investments, used to value the Trust’s net assets as of June 30, 2022:

 

Valuation Inputs+   Investments
in Securities
Level 1 – Quoted Prices- Short-Term Investment   $ 3,165,981
Level 2 – Other Significant Observable Inputs- Municipal Bonds     542,236,152
Level 3 – Significant Unobservable Inputs     –
Total   $ 545,402,133
+  See schedule of investments for a detailed listing of securities.